VALCLEO: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VALCLEO
Largest movements
- Receivables within one year -€12,544
down €12,544 (-17.5%), from €71,882 to €59,338
of which Trade receivables: -€12,942
- Tangible fixed assets -€2,992
down €2,992 (-32.7%), from €9,152 to €6,160
- Stocks and contracts -€1,241
down €1,241 (-17.6%), from €7,036 to €5,795
- Cash +€1,081
up €1,081 (+11.5%), from €9,412 to €10,493
mainly Net result for the year (+€13,966) and Receivables within one year (+€12,544)
- Reserves +€19,000
up €19,000 (+1021.5%), from €1,860 to €20,860
- Trade debts -€15,181
down €15,181 (-55.7%), from €27,232 to €12,051
- Current portion of long-term debt -€9,322
down €9,322 (-44.0%), from €21,165 to €11,843
- Profit (loss) carried forward -€5,034
down €5,034 (-99.0%), from €5,084 to €50
- Tax, wage and social debts -€3,661
down €3,661 (-16.2%), from €22,596 to €18,935
of which Remuneration and social security: -€4,638
- Gross operating margin -€14,961
down €14,961 (-9.3%), from €161,569 to €146,608
- Staff costs +€7,586
up €7,586 (+7.1%), from €106,863 to €114,449
- Other operating charges -€2,230
down €2,230 (-22.4%), from €9,963 to €7,733
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,354 | €84,688 | -€15,666 | -15.6% |
| Fixed assets | 21/28 | €9,257 | €6,265 | -€2,992 | -32.3% |
| Tangible fixed assets | 22/27 | €9,152 | €6,160 | -€2,992 | -32.7% |
| Plant, machinery and equipment | 23 | €2,950 | €1,802 | -€1,148 | -38.9% |
| Furniture and vehicles | 24 | €4,057 | €3,018 | -€1,039 | -25.6% |
| Other tangible fixed assets | 26 | €2,145 | €1,340 | -€805 | -37.5% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €91,097 | €78,423 | -€12,674 | -13.9% |
| Stocks and contracts in progress | 3 | €7,036 | €5,795 | -€1,241 | -17.6% |
| Stocks | 30/36 | €7,036 | €5,795 | -€1,241 | -17.6% |
| Amounts receivable within one year | 40/41 | €71,882 | €59,338 | -€12,544 | -17.5% |
| Trade receivables | 40 | €21,610 | €8,668 | -€12,942 | -59.9% |
| Other amounts receivable | 41 | €50,272 | €50,670 | +€398 | +0.8% |
| Cash at bank and in hand | 54/58 | €9,412 | €10,493 | +€1,081 | +11.5% |
| Deferred charges and accrued income | 490/1 | €2,767 | €2,797 | +€30 | +1.1% |
| Total equity and liabilities | 10/49 | €100,354 | €84,688 | -€15,666 | -15.6% |
| Equity | 10/15 | €25,544 | €39,510 | +€13,966 | +54.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €20,860 | +€19,000 | +1021.5% |
| Distributable reserves | 133 | €1,860 | €20,860 | +€19,000 | +1021.5% |
| Profit (loss) carried forward | 14 | €5,084 | €50 | -€5,034 | -99.0% |
| Amounts payable | 17/49 | €74,810 | €45,178 | -€29,632 | -39.6% |
| Amounts payable after more than one year | 17 | €1,560 | - | -€1,560 | |
| Financial debts | 170/4 | €1,560 | - | -€1,560 | |
| Amounts payable within one year | 42/48 | €70,993 | €42,829 | -€28,164 | -39.7% |
| Current portion of amounts payable after more than one year | 42 | €21,165 | €11,843 | -€9,322 | -44.0% |
| Trade debts | 44 | €27,232 | €12,051 | -€15,181 | -55.7% |
| Suppliers | 440/4 | €27,232 | €12,051 | -€15,181 | -55.7% |
| Taxes, remuneration and social security | 45 | €22,596 | €18,935 | -€3,661 | -16.2% |
| Taxes | 450/3 | €8,271 | €9,248 | +€977 | +11.8% |
| Remuneration and social security | 454/9 | €14,325 | €9,687 | -€4,638 | -32.4% |
| Accrued charges and deferred income | 492/3 | €2,257 | €2,349 | +€92 | +4.1% |
| Remuneration, social security and pensions | 62 | €106,863 | €114,449 | +€7,586 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,940 | €2,992 | +€52 | +1.8% |
| Other operating charges | 640/8 | €9,963 | €7,733 | -€2,230 | -22.4% |
| Non-recurring operating charges | 66A | €1,700 | - | -€1,700 | |
| Gross operating margin | 9900 | €161,569 | €146,608 | -€14,961 | -9.3% |
| Operating profit (loss) | 9901 | €40,103 | €21,434 | -€18,669 | -46.6% |
| Financial income | 75/76B | €2,429 | €2,176 | -€253 | -10.4% |
| Recurring financial income | 75 | €2,429 | €2,176 | -€253 | -10.4% |
| Financial charges | 65/66B | €4,036 | €4,654 | +€618 | +15.3% |
| Recurring financial charges | 65 | €4,036 | €4,654 | +€618 | +15.3% |
| Profit (loss) for the period before taxes | 9903 | €38,496 | €18,956 | -€19,540 | -50.8% |
| Income taxes | 67/77 | €3,678 | €4,990 | +€1,312 | +35.7% |
| Profit (loss) for the period | 9904 | €34,818 | €13,966 | -€20,852 | -59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €34,818 | €13,966 | -€20,852 | -59.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.